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COVID-19 Resources

Small Business Resources

Small Business Financial Assistance

Paycheck Protection Program

As you think about the next steps in dealing with the financial impact of the Covid-19 pandemic, if you are interested in the SBA loan/grant program under the CARES Act, we suggest you compile the following documents for and have answers to the following questions to expedite the process with your lender. Please be advised that the lender may require additional information. Keep detailed records during the 8-week covered period of sums paid for payroll costs, mortgage interest (not principal), leases, and utilities (including electricity, gas, water, transportation, telephone, or internet access), and keep copies of checks used to pay the aforementioned sums. Finally, please keep meticulous documentation verifying the number of employees on payroll and pay rates during February 15, 2020 – June 30, 2020.

  • Business name, address, and point of contact?
  • NAICS code?
  • Type of entity (general/limited partnership, corporation (S corp, C corp, LLC, non-profit), sole proprietorship, independent contractor, self-employed)?
  • Date established?
  • Business Certificate/License
  • Are you a seasonal employer? What are your dates of operation?
  • Do you have a pending SBA 7(b)(2) loan application?
  • Business financial information, including federal tax returns for last 3 years
  • Payroll records for prior 12-months, including: salary, wages, commissions, or similar compensation; payment of cash tip or equivalent; payment for vacation, parental, family, medical, or sick leave; allowance for dismissal or separation; payment required for the provisions of group health care benefits, including insurance premiums; payment of any retirement benefit; payment of State or local tax assessed on the compensation of employees; and the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is an amount that is not more than $100,000 in 1 year.
  • For sole proprietors, independent contractors, and self-employed applicants: provide payroll tax filings reported to IRS, form 1099-MISC, and income and expense sheets

Be prepared to provide an estimate of your average total monthly payments for payroll costs for the year prior, but do not include: amounts paid to employees whose principal place of residence is outside of the USA, amounts over $100,000 paid to employees making over $100,000, taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code of 1986, qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act, or qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act. As mentioned in the bulleted above list, be prepared to provide the documentation on which you relied in order to calculate this figure (payroll documentation and pay rates for employees).